Zuma appoints Gill Marcus as new SARB Governor

President Jacob Zuma has appointed Gill Marcus to take over from Tito Mboweni as Reserve Bank Governor in November 2009. Mr Mboweni, whose contract ends on 8 August, was re-appointed by the President, but he indicated he did not want to stay on.

"As the term of office of the current Governor, Mr Mboweni, is due to end on 8 August 2009, I initiated a process of consultation on the position. I have reappointed Mr Mboweni. However, he has indicated he wishes to leave in November to pursue other interests," President Zuma said at a press briefing at the Union Buildings on Sunday.

President Zuma said that given the indication from Mr Mboweni, he decided to designate Ms Marcus as Governor with effect from 9 November 2009.

She is currently the Chairperson of Absa and served as Deputy Minister of finance from 1996 to 1999 and Deputy Reserve Bank Governor from 1999 to 2004. She also chaired the Joint Committee on Finance and held a number of executive positions in the private sector.

"Ms Marcus will assume responsibility for an institution that is held in high regard in South Africa among its counterparts across the world," said Mr Zuma.

He explained that the primary objective of the Reserve Bank was to protect the value of the currency in the interest of balanced and sustainable growth of the country. It performs its functions independently and without fear, favour or prejudice.

"During Mr Mboweni's tenure, the Reserve Bank has undertaken its constitutional mandate with diligence and prudence. It has made a critical contribution to the country's sustained economic stability and has persued monetary policies that have fostered economic growth," said President Zuma.

"She will prove a worthy successor to Mr Mboweni...Ms Marcus has extensive knowledge of the institution she is now called upon to lead, having served as deputy governor of the Reserve Bank from 1999 to 2004," added President Zuma.

Mr Mboweni, who has held the position of Governor for nearly 10 years, described his successor as an excellent leader who is no stranger to banking.

"It's a very good choice, she will do a very good job," he said.

He thanked government for having offered him an opportunity to serve the nation. "I have enjoyed an excellent working condition with the Presidency the former Finance Minister [Trevor Manuel] and the current one [Pravin Gordhan]," he said. - BuaNews